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#Bitcoin bounced from our Support zone, What's next?#Bitcoin is currently encountering resistance. Is it a liquidity hunt around the all-time high (ATH), or a genuine breakout? Nobody knows for certain! We're in a waiting game. Based on previous charts, we seem to be leaning towards Scenario 1. A break and close above this level could potentially trigger a rally to a new ATH. Fingers crossed for a positive outcome! 🤞 Caution:- With just 10 days to go for the Halving, it's crucial to note that corrections often occur around halving dates. Exercise caution with your leverage positions. I am spot long and ready to load any dips in Altcoins! Conclusion:- While BTC appears poised for a breakout, it's crucial to acknowledge the possibility of a correction in this area. I'll ensure to keep you updated, so please remember to hit the like button and bookmark this chart for future reference! 📈
Long
by Cryptorphic
2
BTC - Expecting new all-time highs soon Proficient analysis of historical patterns is paramount; failure to glean insights from the past often leads to repeated errors. This axiom holds true not only within the realm of trading but extends to broader facets of life. The narrative unfolds with the breakdown of the descending trend line, after which an ascending triangle is formed followed by a new trend movement After exiting the ascending triangle, we move to the global khai, accumulate stops (consolidation), consolidate above and follow the trend
Long
by truepersonal
5
Has Bitcoin already reached its peak, or just a Shakeout?Let's address the common question here:- Has Bitcoin already reached its peak, or is there still more potential for growth? Taking a look at the chart, Bitcoin (BTC) is presently trading near the 35-day Exponential Moving Average (EMA), a level that often serves as a short-term support for price bounces. The subsequent support level could be around the .382 Fibonacci retracement level, approximately at the $60.2k mark. Interestingly, this level coincides with the 65-day EMA, suggesting a robust support zone. Therefore, it's plausible to anticipate price consolidation between these EMAs, influenced by both lower time frame (LTF) and higher time frame (HTF) support levels. Moreover, a potential catalyst for a breakout could be the upcoming halving event. Historically, Bitcoin has experienced price rallies following halving events due to decreased supply issuance. This suggests a possibility of upward momentum post-halving. However, it's important to remember that no one knows with full certainty what will happen; this is all speculation. In summary, considering these factors, two plausible short-term scenarios have been outlined in the chart which I think can play out in the next few weeks! DYOR, NFA Please hit the like button to show your support. I will keep this chart updated and will post more this week. Thank you #PEACE
Long
by Cryptorphic
2
BITCOIN Outlook for Q2 2024Hello everyone, hope you guys had a great Easter Holiday. Same as in Q1, I decided to share with you What I Think is the Most likely going to happen with price in Q2 , purely based on current micro&macro economic conditions and indicators, plus what are charts presenting right now. Before I get to the business, I would like to reflect on my Q1 outlook, mostly because I believe things that were said and thought back then are still relevant today for future outlook (Q2), so I would suggest if you want to understand better, check out this first ↓↓↓ So when the year started, my Base Expectation was: " my Base Expectation is the market can still keep going higher. With occasional time to time not so significant price pullbacks (20-30% should be considered normal in this asset), UNTIL FED decides to START cutting rates. I guess everyone knows what happened next... We indeed rallied, in matter of fact, to the new ATHs at around 74k. This is impressive to me, considering the market conditions we are at right now and what is possibly coming soon (Q2). Finally it's time to get back to the business, so let's get to the "prediction" of what Q2 most likely bring upon us. So, I have to say, I believe that today Bitcoin conditions are harder to read than back in Q1 due to several reasons. One I already mentioned and its Price reaching New ATHs, but there are several others like CPI numbers are still elevated, potential upticks in unemployed numbers, FED balance, FED meetings and the most important - first Interest Rates cutting around the corner. These conditions make the market harder to read because of the Time Window that it provides for Price to "keep run going higher" before "expectations of reverse". Meaning, that market participants still expect the market to go higher, because there was not Rate Cuts yet, BUT Price already can be elevated enough and with Cuts around the corner process of Market Selling/Reversing may start sooner (being frontrunned) before the official Cut is done. Explained in chart pic. ↓↓↓ And since my Whole Idea is Based on previous time in History when we were in similar market conditions, either times were different (highier IR, highier CPI, price at ATH), I still expect Markets to do the same thing, because I believe that human behavior and psyche related to Markets not changing, so result should be same, until we proved otherwise. So basically, My Base Expectation for now is that this MAY(June/Q2), MAY be the worst time to become a Buyer/Bull for a prolonged period of time as we potentially already reached our TOP. That is because, as I mentioned in Q1 outlook: " 6. - !!! New REAL Bullmarket didn't Start until Interest Rates reached their bottom rate !!! Note, this time can be different due to inflation & elevated price levels, which cause more money in rotation, but IT SHOULD NOT change base line of reverse expectations when the correct time come - 1.FED start cutting, 2.FED stop (is DONE) with cutting, 3.bottom Rate is found " Aswell note, that the price of asset class (BTC) went down in time with FED balance sheet and even kept going lower due to the "recession scare" even when FED balance sheet started expanding, and that the New Bull market didn't start until FED printed ridiculous amount of money. Since I believe this perception of the Market is still valid, I will follow it further until I am proved wrong by the chart itself. = Price will be higher than 74k in July after the first rate cut already occurred. Hopefully, some of you found this post interesting and helpful in further market navigation. If YES, please consider liking or sharing this post, it would mean a lot to me. Thanks! Best regards, Joe
INDEX:BTCUSD
by cryptocapitaltrading
BTC what if ..? BTC / USDT Current BTC price action is reminding me of what happened in 2017 cycle in which price made a breakout then returned below previous ATH for few days before massive bullrun at that time I see price will make some range below 69k then breakout higher Why i say that : The PA is similar to 2017 - the high funding cooled off - fear/greed index dropped a bit - major altcoins are setting on their weekly support This is the highest potential scenario for me right now .. Things can change fast but until now i dont see that.. DYOR
by Babenski
12
Cryptolean Bitcoin BTC Update Bitcoin found a support at $64,360 and is having a bullish pullback, however IMHO, it is temporary. Below $69,654, BTC will be under bearish pressure. A sustained price action below $69,654 will push BTC price to re-test $64,360 and, possibly, lower to the key daily support at $59,920. Bitcoin has to move bullish and break through $73,423 for another bullish extension towards $78,223-$82,353. Intraday Chart Bitcoin is testing the bottom of the intraday range zone at $67,227 and below it is a bearish territory. A bullish rejection of $67,227 will push price to $70,692, however the move will be slow and choppy. A bearish break-out of $67,227 will lead to a re-test of $65,364 and lower to $61.562-$63,143, the key intraday support. Like once read! Thank you.
by Trade-Lean
Bitcoins newer all time highOn the 4-hour timeframe, Bitcoin appears to be within a distinct channel. This week, it experienced a decline, reaching the 65654 support level at the channel's bottom before rebounding. Currently, it has bounced off the 67562 support and is heading upwards. If it breaks above 69005, it could revisit all-time highs. Back on March 3rd, Bitcoin formed a flag pattern before reaching its previous all-time highs. Considering the length of the candlestick pole to the flag pattern, I anticipate Bitcoin may reach 75000 before a downturn, potentially returning to the support trend line around 54670.
BITSTAMP:BTCUSDLong
by samstoobad
Will Bitcoin Continue Its Pullback?Bitcoin (BTC) has experienced a remarkable surge since the speculation surrounding a potential Federal Reserve interest rate cut emerged. Recently, BTC hit an all-time high, reflecting the fervor in the market. However, it's essential to note that assets witnessing substantial increases often require a pullback or correction. Analyzing the daily timeframe from March 4th to March 13th, 2024, reveals indications of a bearish divergence pattern, suggesting an impending pullback. This anticipation materialized on March 14th and 15th, 2024, with BTC dropping from its all-time high of 73794 to 68166 at the time of writing, marking a decline of over 7% in just two days. Assessment of Fed Rate Cut Possibility: Despite the potential for a Federal Reserve rate cut should inflation continue to decline, the likelihood remains slim. Data from the Fed Watch Tools indicate a 99.0% probability of the Fed maintaining an unchanged interest rate during the March FOMC meeting. This prediction also aligns with the fact that the Fed's emphasis on reducing the Core PCE Price Index to its target of 2% year-on-year, while it currently stands at 2.8%. Technical Analysis and Implications: In addition to the factors mentioned, a technical analysis reveals that Bitcoin's prolonged rally since early February is poised for a significant pullback. The stochastic indicator clearly shows a lower high while the price sets a higher high, indicating a weakening trend. The observed bearish divergence in the daily timeframe signals a potential reversal in the upward momentum. This corrective movement aligns with market dynamics and the absence of strong indications for a Fed rate cut. Therefore, traders and investors in the BTC market should exercise caution and anticipate increased volatility as the asset undergoes a corrective phase. Conclusion: The recent surge in Bitcoin's value amidst speculation surrounding a potential Federal Reserve rate cut has been remarkable. However, technical analysis suggests a high likelihood of a substantial pullback, as evidenced by the observed bearish divergence pattern and the weakening trend indicated by the stochastic indicator. Given the low probability of a rate cut by the Federal Reserve in the upcoming meeting, market participants should brace themselves for increased volatility and potential corrections in the Bitcoin market.
BITSTAMP:BTCUSD
by fardycurry